second time posting this! I need all the T accounts and income statement. please and thank you!!
A16 Xfx The company applies overhead cost to jobs on the basis of machine-hour D E F G Directions B H 1 2 Using the following information and templates in each workbook, you will complete the following: 3 4 1. Prepare journal entries to record the preceding transactions. 5 2. Post the entries prepared in step 1 to their respective T-accounts. 3. Prepare a journal entry to close any balance in the Manufacturing Overhead account to 6 Cost of Goods Sold. 7 4. Prepare and income statement for the year. 8 9 Information and Data White Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: 10 11 12 Raw Materials $ 20,000 13 Work in Process $ 15,000 14 Finished Goods $ 30,000 15 Journal T Accounts Directions and Data Ready Accessibility: Investigate Income Statement + K Font KI Alignment Number A16 VIX ft The company applies overhead cost to jobs on the basis of machine-hours A B D E F G H 3 Work in Process $ 15,000 4 Finished Goods $ 30,000 5 The company applies overhead cost to jobs on the basis of machine-hours worked. For the current year, the company's predetermined overhead rates was based on a cost forumulat that estimated $450,000 of total manufacturing overhead for an estimated activity level of 75,000 machine-hours. The following transactions were recorded for the year: 6 3 A. Raw materials were purchased on account, $410,000. B. Raw materials were used in production, $380,000 ($360,000 direct materials and $20,000 indirect materials). C. The following costs were accrued for employee services: Direct Labor, $75,000; Indirect Labor, $110,000; Sales Commissions, $90,000; and Administrative Salaries, $200,000. D. Sales travel costs (on account) were $17,000. E. Utility costs (on account) in the factory were $43,000. F. Advertising costs (on account) were $180,000 G. Depreciation was recorded for the year, $350,000 ($280,000 relates to factory assets and 70 000 rolstoe te colline and administrativa accatel Directions and Data Journal T Accounts Income Statement rady Accessibility: Investigate A B E F G H E. Utility costs (on account) in the factory were $43,000. F. Advertising costs (on account) were $180,000. G. Depreciation was recorded for the year, $350,000 ($280,000 relates to factory assets and $70,000 relates to selling and administrative assets). H. Insurance expired during the year, $10,000 ($7,000 relates to factory operations and the remaining relates to selling and administrative activities. 1. Manufacturing overhead was applied to production. Due to greater than expected demand for its products, the company worked 80,000 machine hours on all jobs during the year. J. Jobs costing $900,000 to manufacture according to their job cost sheets were completed during the year. K. Jobs were sold on account to customers during the year for a total of $1,500,000. The jobs cost $870,000 to manufacture according to their job cost sheets. L. Close out entry to for Underapplied / Overapplied Manufacturing Overhead (as stated in item 3 above). Helpful Formula for calculating I: Estimated total manufacturing overhead cost Predetermined Overhead Rate = Estimated total amount of the allocation base B General Journal Page 1 Post Ref 2 Credit Date Account Titles Raw Materials Accounts Payable Debit 410,000 3 4 410,000 + 5 6 B 7 Work in progress Manufacturing Overhead To Raw Materials 360,000 20,000 8 380,000 9 75,000 110,000 90,000 200,000 10 Work in progress 11 Manufacturing Overhead 12 Sales Commission 13 Administractive Salaries 14 To salaries and wages payable 15 16 D Sales travel expense 17 Accounts Payable Directions and Data Journal T Accounts Ready Accessibility. Investigate 475,000 17,000 17,000 Income Statement Data Styles - ye Format Calle M23 D G H K M N Accounts Receivable Manufacturing Overhead Prepaid Insurance Raw Materials 20.000 11 13 14 15 IC 19 Salaries & Wages Accumulated Directions and Data South T Accounts Income Statement File Home HAP Die Page Layout Fonds Date View Conditional Formatting 29 O -- AA - Accounting $ - % 9 Delete- Format D- Sort Find O Select Analys Data Col Style 5 ber 10 M G N D Accumulated Depreciation G H Salaries & Wages Payable Cost of Goods Sold Accounts Payable Sales Sales Travel Exp Advertising Exp Deconds T Accounts incent 15 Undo Clipboard 19 Post Alignment 15 Number Styles Celli M23 M N 0 P R 2 Prepaid Insurance Raw Materials 20,000 Work in Process 15,000 Finished Goods 30,000 4 5 0 2 10 11 12 11 14 15 16 17 18 19 Directions and Data Journal T Accounts Income Statement M23 x K M N O P Q R 5 Sales Cost of Goods Sold Sales Commissions Exp Admin Salaries Exp 20 21 24 25 26 2 20 29 30 33 34 35 39 37 35 39 Sales Travel Exp Advertising Exp Depreciation Exp Insurance Exp Directions and Data Journal T Accounts Income Statement 8-23 Cell Styles Styles Format Calls Undo clipboard fort Agent Number A14 Vix fe A c D E F G H 1 2 8 Smith Corporation Income Statement For the Year Ended December 31 3 Note: You will use all lines on the formatted statement 4 5 6 7 8 9 10 11 12 13 14 15 16 Journal T Accounts Income Statement Directions and Data Ausbiy investige
